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My guest today is considered perhaps the greatest investor of all time. So I thought, "Wow, what a great time to invite him to our new show in these turbulent times ." Don't shake your head, no, Jim. I know you are very modest about this matter, but it's true. So welcome to my new show. It is an honor to host you.
It's an honor to be here, and I congratulate you on your new show, but Daniela, I'm just an ordinary person. That's right, because I know you off camera, and that's what makes you even more attractive, Jim, with all your success and your bestsellers. Now that I have...well, I don't really have any free time, but in the evenings when I have 5 minutes to myself, I've started rereading " Hot Products" for what must have been the sixth time.
And I wanted to ask you about this. You started this book, and it was written in 2004. That was 16 years ago. You said, " Commodities have no respect." So almost 20 years later, has it changed today, Jim? No, they still don't have any respect. Most products, of course, are not now. I mean, there were periods when, you know, oil was reaching 150 a minute, for one day.
You know, yeah, different things happen, but for the most part, people are ignoring commodities again. But don't worry, they will come back, especially if we continue to print money the way we are , and especially if economies continue to collapse. Nobody can go to work. This reduces demand, but eventually it also reduces supply, and if they keep printing money, there will be demand.
And of course, commodities are such a broad basket of commodities, but when I use the word "respect," if you look at gold, for example, we see Wall Street heavyweights getting into the gold market recently, even though they may never have loved it . Is that telling now, Jim? In my opinion, Daniela, we are now witnessing another movement in gold.
As you know, I started buying gold again in 2019, last summer, summer of 2019. And this will continue for some time. So yes , we need heavyweights to come in to support this movement. We need a lot of new people to come. And they will return. Don't worry, they will come back. One of the peculiarities of markets is that many people don't want to buy until prices go up.
You shouldn't invest like that, you know, you should buy cheap, but many people want to see movement and then jump in. So, they will be here. They are leaving. Don't worry. Jim, we truly live in volatile times. Layoffs, fear of recession, job loss, inflation fears. If I asked you to give three pieces of advice to investors who are watching us right now.
See our Stansberry Research. Look. Look, look at Daniela at Stansberry Research . Everyone. Watch whenever you can. Second, learn about gold and silver, as they are likely to enter a period of, perhaps even mania . I hope not, because I do n't want to sell my gold and silver , but you should look into it.
And you should know what's going on in the world. Daniela, I am always amazed at how few people realize what is happening. You know, the United States is the largest debtor nation in the world by many measures, and we continue to add staggering amounts to our debt. It always ended badly. I mean , not just the US, but the Japanese, oh my god.
Those guys, the governor of the Bank of Japan, come to work early in the morning, start the printing presses, print as fast as they can. He wants to print unlimited money and buy stocks, bonds, and ETFs . I mean, it's going to end really, really badly when it ends. You know, I'm sticking to the advice theme here, Jim.
I read that some of the best advice you ever received was during a flight. Someone asked, I think you asked, " What should I look at, how should I invest?" What should I do? You sat next to a gentleman who said, "Well, read the annual report, and that's 95% more than most Wall Streeters make." If you read the notes, that's 100% more than most people do.
So, going back to your words about self-education, is that relevant to you today? Oh, definitely. Some people will watch a TV show and think they know something. They think they have learned and understood. Or they will read a book and think they understand what is happening. You know, I'm sorry to say this , Daniela.
I've been investing for a long time , and it still shocks me how little people know, and even less understand, about the world, money, and investments. Here we are, five weeks before the elections, they are already on the doorstep. The Fed is really in a dead end, Jim. How do you think events will develop further ?
Daniela, the election is coming up, and everyone in Washington will do everything they can to get reelected. Democrats, everyone, absolutely everyone. This is their job. They believe that their job is to get re-elected. So who knows what news will emerge in the coming days or weeks. You should worry about what happens next.
You should be worried about 2021. And in the meantime, politicians around the world are doing their best, and central banks around the world are trying to support this madness. So, if they are prepared for anything, is the worst of the market correction behind them? Daniela, you know I'm the world's worst market forecaster.
Ask Porter, ask Porter Stansberry. Ask those Stansberry guys. They know a lot. They understand this very well. I am not. So Jim, now, given that gold is at all-time highs, and based on what you taught me before, can I safely assume that you are not buying right now? Are you buying gold? I bought some today, so little it's not even worth mentioning.
I bought a little more silver today. You know, it's nighttime in Asia , so we're a little ahead of you. I, no, I'm not jumping into it headfirst, under any circumstances, but I plan to buy a lot more gold and silver over the next year or two. Let me ask you this , because you know, I've noticed during this pandemic, Jim, that I think a lot of people have a lot more time, they're at home and they're thinking about a lot of things.
And one of the things they look at is their dollar bills, and they think: What is the real value behind this? Do you think more people are starting to embrace or want to learn more about alternative assets , like Bitcoin or gold? There are more people. Gold, you know, hit all-time highs two or three weeks ago, so someone is looking at that and thinking.
Yes, of course. But it's not enough at all. I mean, very few people. Gold has already fallen 10% from its all-time highs. So most people have no idea. Most people want their congressmen to spend more money on them. Unfortunately, most people think this way, and they don't understand the consequences.
Danielo, it's a great time to be old in North America. Young people have a bleak future. I have two teenage children. My God, what a world they're going to inherit in 5 or 10 years, someone will say, " Wait a minute. Look at all this debt. What are we going to do with all this debt?" Yeah, that's really...it's just such a scary thought, Jim.
And you know , what about the way we work, right? This pandemic has completely changed the way we think about office spaces and such . What will it look like in the future? Well, I'm not in the States, but from what I read and what I talk about with friends in New York, I hear that there are a lot of empty spaces now, and it's not just temporary anymore.
You know, a lot of stores in New York are boarded up . And many of them won't come back, many restaurants. So, changes are happening in the world . Any crisis opens people's eyes to many things, and they start thinking in new ways and looking for new ways of doing things. And some of them are moving.
Some are going to move to Miami. They don't want to pay New York taxes. You know, some people are going to move to Texas. They don't want to pay California taxes. So this causes a lot of movement. So if retail suffers, will real estate be a buying opportunity? Uh , for Amazon? Or to buy...to buy a store?
To buy a space that could be rented out someday or something, would that be an opportunity to buy or not, because who knows when they'll open? No, Daniela. I wouldn't , because I expect that ultimately we are in for a very, very serious bear market and a bad economy for some time. In 2008, we had problems due to excessive debt.
Daniello, since 2008, debt has skyrocketed, reaching staggering amounts around the world. You know, even China had no debt in 2008. They spent a lot of money, helped save...even China has debts now. So, no, no. I assume your buying opportunity will come when you hear terrible, just terrible economic news.
So, will this be the next Great Depression? Oh, I'm not smart enough to make such predictions. I suspect this will be the worst at my age, yes. Because, Daniello, I just said that the debt in 2008 was terrible. Oh my God. The debt has just skyrocketed since then in recent... Today it looks like nothing.
Yes, I meant to say that in just the last 3 months, America has accumulated huge debts compared to the past. So no, things will be much worse. This is extremely frightening, Jim. Um, I want to finish and share with you something I've never talked about before. I was thinking about this last night and I thought, "Yeah, I really want to tell Jim about this tonight." We were at a trade show together in Las Vegas a few years ago.
Probably 5-6 years ago. You were the keynote speaker there. And I remember walking back to the hotel. I was behind you . And I didn't want to bother you, because you were so... Well, you know, immersed in the moment . And there he is, Jim Rogers, walking down the Strip, you know, in his suit, in his signature bow tie.
Your hands were behind your back. And you, you know, looked at the lights, at the people around. And this image remained in my memory. And I always wanted to know what Jim Rogers was thinking at that moment? Well, in the meantime, as always, I have learned, for one reason or another, to try to watch, observe, and notice.
You know, most people go to Las Vegas and say, "Oh my god, look at this." But I've learned, no matter where I am—in Paris, Brooklyn, or wherever—to just try to look and observe. You may not see anything. But if you notice something, if your antennas are tuned, who knows what you'll see. You may notice something significant or some changes.
The most important thing I'm looking for is change. You don't see it often, but when you do, Daniella, it's worth thinking, acting, and doing your research . So I know that when I go to a place like Las Vegas, especially for a show, I try to watch, observe, and understand what's going on. Interesting.
Most of the time I do n't see anything. Most of the time I don't see anything, but sometimes, and then I get home and have to do some work. Wow, well, thanks for answering that and solving this mystery for me, but it's just...wow, what an image that's etched in my memory. Jim, can we expect a new book from you anytime soon?
Oh, Daniello, you know, I ... yeah, this is a little embarrassing, but I've had three number one bestsellers in Japan in the last 18 months, and another one is coming out right now as we speak. For some reason, the Japanese want me to write books. Uh, and for some reason I keep doing it. It's pretty simple.
But they are all in Japanese. Well, a few of them are translated into Korean, and a few have been translated into Chinese , but for some reason, English-speaking people aren't really interested in what's going on in Japan, and for some reason, I got drawn into this Japanese topic. Basically, what these books are about...well, one is called " Warning to Japan ." And, essentially, I'm saying that Japan is the third largest economy in the world, but, Daniello , the population has been declining for 10 years.
This is not a mistake. 10 years of reduction. The debt is growing every day. And Japan, I mean , if you're 10 years old in Japan, what will you be doing when you're 40? There will be no one left in Japan . The debt will grow rapidly, soaring to the skies. You know, they don't give birth to children.
They don't like foreigners, so they let in very, very few immigrants. No, Japan has serious, very serious problems, even though it is currently the third largest economy in the world. But she has real problems. I love Japan very much, I love Asia very much. But I write these books because I somehow got hooked on the topic of Asia, especially Japan, it works, it's easy to do, so here I am.
Jim, I always appreciate your thoughts. I know that off camera you have given me a lot of helpful advice about becoming a father, and I really appreciate that. Thank you very much for joining. I know it's late at night in Singapore. I appreciate your time. Congratulations on the birth of your children.
You will have a lot of fun. And congratulations on Stansberry. There are also many interesting things waiting for you there. I think so. I think so. And thanks again, Jim, and thanks to everyone who watched. You can follow us at Stansberry Research. We are on all social platforms: LinkedIn, Twitter , Facebook, Instagram. We are there. I'm Daniela, and I'll see you soon .
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